Tranzbyte Corp. (OTCPINK: ERBB) share volume continued to soar Apr. 15, with 262,245,855 changing hands, significantly higher than its three-month average volume of 187,719,228 shares.
The uptick in volume comes on the heels of the Tranzbyte’s marijuana dispensaries in Colorado getting attention in the national media from USA Today and CBS News.
Tranzbyte unveiled its ZaZZZ machine over the weekend at a dispensary in Avon, Colorado, but is not yet in public use. In addition to dispensing marijuana, it also offers edible cannabis products. The Tempe, Ariz.-based company is still working on regulatory guidelines to comply with Colorado state law. Initially these machines will be for medical marijuana patients and can only be located inside a licensed dispensary. The machines use new biometric technology to positively identify those who are accessing products.
Ironically, all this free publicity comes only days after Tranzbyte launched American GreenZine, an online publication it’s designed to report on the legal-marijuana industry, from the grower and consumer’s perceptive.
The new online magazine will use real-time web activity of topical influencers to surface the best content on any subject.
"With every passing day more news and articles come out about this industry, but they are located in 1000 or more different places, and many of the stories are musings by pundits who may know much or nothing at all about the industry. By aggregating and organizing the information, we provide a portal through which people can get all the news they want and filter it on their own," said David Gwyther, Tranzbyte's president.
This is just the latest chapter in Tranzbyte’s many marijuana-related business ventures.
On Mar. 21, the company announced that it signed a Letter of Intent to form a strategic partnership with Abattis (OTC Pink: ATTBF).
Under terms of the agreement, the companies will sell and market or otherwise license one another's products in their respective regions. Once the arrangement is completed, Tranzbyte will have access to Abattis’ expanding suite of bio-ceutical grow products found in the Biocube Green Grow Systems for cultivation (LED's, Nutrients - Natures Juice).
In addition, Abattis owns proprietary flash freeze extraction technology, which produces high-grade cannabis and other botanical extracts. Conversely, Abattis will have the Canadian rights to distribute ZaZZZ(TM) and will pair Tranzbyte's Jurassic O2 water systems with its Biocube Green Grow Systems sales efforts in the US.
On Apr 15, ERBB’s share price closed at 4 cents, down 1 cent from its closing price of 5 cents the previous day.
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Other Marijuana Companies Cut Their Ties with GrowLife
In other news, the Security and Exchange Commission (SEC) suspended all trading of GrowLife Inc.’s (OTCBB: PHOT) shares from Apr. 10 through Apr. 24 because of its "concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in Growlife’s common stock."
The Woodland Hills, Calif. holding company that supplies equipment for legal marijuana growers said in a press release commenting on the suspension that the company had been not notified in advance of the suspension, but that it has contacted the SEC to better understand the basis of the complaint.
The next day, Creative Edge Nutrition Inc. (OTCPINK: FITX) announced that it had rescinded all agreements and terminated its relationship with GrowLife Inc. (OTCBB: PHOT).
RXNB and CEN Biotech Also Cut Ties
Creative Edge is not the only marijuana company that is breaking ties with GrowLife. RXNB and CEN Biotech have also advised the CEO of GrowLife they are terminating any business agreements they had with the company.
Law Firm Also Investigating GrowLife
Meanwhile, The Rosen Law Firm also announced Apr. 10 that it is investigating potential securities fraud claims against GrowLife resulting from allegations that the company may have issued materially misleading business information to the investing public and manipulated trading in its common stock. It is publicly asking GrowLife shareholders to contact the firm, if they have any such complaints.
So far, GrowLife has not responded to the law firm’s claims.
Other Suspended Marijuana-Related Stocks
However, Growlife is not the only marijuana-related stock the SEC has suspended trading on recently.
On Mar. 27, it suspended trading on Advanced Cannabis Solutions’ (OTCQB: CANN) shares. The SEC said at the time that it did so because there were questions regarding whether certain undisclosed affiliates and shareholders of Advanced Cannabis common stock engaged in an unlawful distribution of securities through the OTC BB and OTC Link.
"The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company," the SEC said, in a written statement. The suspension ended 11:59 p.m. Apr. 9, and shares of CANN began trading again Apr. 10.
On Mar. 14, the SEC also suspended trading of PetroTech Oil and Gas, Inc. (OTC Pink: PTOG) shares because of questions that had been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company’s operations. The temporary suspension ended Mar. 27, 2014 at 11:59 p.m.
Such suspensions can have a negative effect on the credibility of not only the companies involved but also on an entire sector. In a rush to stake their claims in the marijuana gold rush, it appears some companies and investors could be taking shortcuts. Only time will tell.
On Apr. 9, PHOT shares closed at 50 cents down 3 cents from its closing price of 53 cents the previous day, on volume of 28.4-million shares.
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MediSwipe Expands Its Corporate Presence in Colorado
Meanwhile, MediSwipe Inc. (OTCQB: MWIP) announced on Apr. 11 that it has expanded its corporate presence in Denver, Colorado to now include 7,500 sq. ft. of office space for a multi-year term.
The West Palm Beach, Fla.-based company’s new offices are located within the Cherry Creek subdivision and it office complex will include sharing the space with an established, Colorado based oncology clinical trial and drug testing company and facility presently doing cancer research and testing for established pharmaceutical companies seeking FDA approval for new drugs.
"We have obviously begun to make a substantial commitment and investment within the state of Colorado with our previously announced agreements for ownership interests of approximately one-hundred and sixty acres zoned for agricultural use and the build out of our two managed green house facilities," said MediSwipe’s CEO B. Michael Friedman, in a written statement
On Apr. 15, MWIP share price closed at 32 cents, down 2 cents from the previous day’s share price of 34 cents, on volume of 770,066 shares.
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